Wheat Futures Skyrocket

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Wheat futures sky-rocketed over the past month. 

"You know, we've moved from six dollars clear up to seven and a half, so we've seen an increase of a dollar and half, and that's a substantial move that we really weren't anticipating," Steve Amosson, with the Texas A&M Agrilife Extension said.     

Several factors are impacting the wheat industry right now. Amosson says unrest in Ukraine has driven up futures prices. Ukraine is a major exporter of wheat, but the country is having trouble getting the product out.

He also says, the drought and cold temperatures have set back the wheat crop for much of the country, driving up futures prices. 

"Of course the bad news is, when we talk about drought, that's us. You know, we are the heart of the drought. We're entering our fourth year of drought. And we keep hoping for some March rains or April rains to really bring this crop up and get it rolling," Amosson said. 

Even so, Amosson says area producers should take advantage of the surge in prices.

"It's one of those deals where producers should be focusing in and thinking about marketing portions of their wheat crop at these levels."

Levels that Amosson says may not stick around for long.

According to Amosson, if producers sell future wheat now, even if the crop doesn'r turn out as expected, they can most likely buy cheaper wheat later to fill the contract and still make some money.


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